i saw the interview at the time - was about a week ago people...

i saw the interview at the time - was about a week ago

people who listen to entrepreneur drillers will generally hear overoptimistc statements. you dont get to be a billionaire wildcatter without betting big and having blind optimism

as i said a few weeks back - youll lose 20% of rigs before you even start to scratch the surface on production uplift

at same time as marginal small explorer/producer cut back the big companies will be increasing output as much as they can to lower price/barrell

but price isnt always about supply shortage - the same way high total demand didnt stop prices falling.

its the rate of change between the 2 - plus game theory. which is why so many get this wrong for soo long, cycle after cycle.

even though the glut will continue for another 6 months in my view, increased demand and eventually more optimism about global recovery i think should drive price up.

the question is whether there;s another pull back first

the other question is what the new long term range of oil will be - i said $us60-70 a month ago. ill stick with that for now.